A rotten 'reform'

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This is an opinion item.

Author(s) Nicole Gelinas
Source New York Post
Date June 28, 2010
URL http://www.nypost.com/p/news/opinion/opedcolumnists/rotten_reform_LOEzv2SW7w5JTWThXLIYHJ
Quote
Quotes-start.png "The obvious -- and correct -- way to end Wall Street rescues is to let a failed financial firm go bankrupt. That is, the people who invested in a failed company -- including bondholders, people owed money on derivatives and other lenders -- should take the losses. Instead, Congress would "end" bailouts by directing the feds to rescue the creditors to any failed "too big to fail" financial company. Later, the feds would make the failed firm's competitors pay the cost." Quotes-end.png


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This item argues against the position Act should be passed on the topic Restoring American Financial Stability Act.